Primo Brands (NYSE:PRMB) Price Target Raised to $35.00

Primo Brands (NYSE:PRMB) had its price target boosted by TD from $29.00 to $35.00 in a research report report published on Thursday,BayStreet.CA reports. They currently have a buy rating on the stock.

A number of other equities analysts have also recently commented on PRMB. JPMorgan Chase & Co. lifted their target price on shares of Primo Brands from $26.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Barclays upped their price target on shares of Primo Brands from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Tuesday, July 21st. Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wall Street Zen upgraded Primo Brands from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $25.00 target price on shares of Primo Brands in a research note on Thursday. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.25.

Primo Brands Stock Down 1.2%

Shares of NYSE PRMB opened at $23.62 on Thursday. The stock has a market capitalization of $8.56 billion, a P/E ratio of 90.83, a PEG ratio of 1.78 and a beta of 0.74. Primo Brands has a one year low of $14.36 and a one year high of $26.21. The firm’s 50 day simple moving average is $23.96 and its two-hundred day simple moving average is $21.64. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.05 and a quick ratio of 0.79.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The firm had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the business posted $0.36 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, analysts expect that Primo Brands will post 1.25 EPS for the current fiscal year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, August 24th. Primo Brands’s payout ratio is presently 184.62%.

Institutional Investors Weigh In On Primo Brands

Several institutional investors have recently added to or reduced their stakes in PRMB. Fulton Bank N.A. grew its holdings in Primo Brands by 10.5% in the 2nd quarter. Fulton Bank N.A. now owns 28,759 shares of the company’s stock worth $703,000 after acquiring an additional 2,741 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Primo Brands during the second quarter valued at about $419,000. Assenagon Asset Management S.A. boosted its holdings in shares of Primo Brands by 350.3% during the second quarter. Assenagon Asset Management S.A. now owns 65,544 shares of the company’s stock worth $1,602,000 after purchasing an additional 50,989 shares during the period. Harbor Investment Advisory LLC purchased a new stake in shares of Primo Brands during the second quarter worth about $37,000. Finally, CoreCap Advisors LLC bought a new stake in shares of Primo Brands in the second quarter worth about $88,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

About Primo Brands

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.